On a voice vote following minimal debate, the House last Tuesday approved a measure giving credit unions and other financial institutions more flexibility on providing notification to consumers about non-credit card accounts.

At issue is a provision of the Credit Accountability Responsibility and Disclosure Act, which took effect on Aug. 21 that requires statements on open-end accounts be delivered 21 days before they are due. Some credit unions have said they are facing logistical and other obstacles that are making compliance difficult.

The measure's sponsor, Rep. Peter Welch (D-Vt.), said it was needed to allow financial institutions to continue to offer consolidated statements.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.